UK oil supermajor BP leaped from a standing start to become one of the biggest players in US offshore wind, after formally completing its partnership with Equinor that already includes huge green power supply contracts for New York.
BP said after completion of the strategic alliance – first announced in September 2020 – the partners will seek new opportunities to add to the Empire Wind 2 and Beacon Wind 1 projects, in which the UK group paid Norway’s Equinor $1.1bn for a 50% stake.
The two projects, which will develop up to 4.4GW between them, have already between them tied-up deals to supply 3.3GW-worth of power to New York once they come online from mid-decade, putting them at the front rank of procurement in the fledgling US offshore wind market.
Dev Sanyal, BP executive vice president for gas and low carbon energy, said: “Partnering with Equinor, we look forward to developing these world class assets in the fastest growing energy sector. We will work with communities and authorities in New York to develop a leading offshore wind industry hub, including the South Brooklyn Marine Terminal and the Port of Albany.
“The partnership will continue to identify new opportunities elsewhere in the US and is committed to providing people with the energy they need in the way they want it.”
The offshore wind tie-up is among the most dramatic moves yet by BP into renewables, where it has set a 50GW capacity target for 2030 that’s among the most ambitious of any oil & gas player.
US offshore wind is set for a major boost under new President Joe Biden, who has indicated he wants to double power supplies from wind at sea, although details of his policy are still unclear.